BoJ is able to conduct monetary policy in an effective and flexible manner - BoJ's Masai

Member of the BoJ Policy Board Takako Masai's remarks at the Ninth Japan Securities Summit in London:

• Under QQE, the underlying trend in the CPI (all items less fresh food and energy) turned positive and has been in such territory for more than two and a half years
• Although QQE has produced its intended effects, the price stability target of 2% has not been achieved, and therefore a more effective framework was necessary
• BoJ introduced last year QQE with Yield Curve Control as a means of strengthening the past framework for monetary easing
• Under "yield curve control," which is the major component of the new framework, the Bank is able to conduct monetary policy in an effective and flexible manner
• Inflation expectations are, so to speak, the sense of price trends among individuals and firms, and to change such expectations is not an easy task
• Ending deflation and returning to a sustainable growth path will also have significant meaning for the global economy